ST晨鸣B:2025年半年度报告(英文版)

(a joint stock company incorporated in the People’s Republic of China with limited liability)
Stock Code: 1812
2025
INTERIM REPORT

The board of directors (the “Board”), the supervisory committee (the “Supervisory Committee”) and the directors (the “Directors”),
supervisors (the “Supervisors”) and senior management (the “Senior Management”) of the Company hereby warrant the truthfulness,
accuracy and completeness of the contents of the interim report, guarantee that there are no false representations, misleading
statements or material omissions contained in this interim report, and are jointly and severally responsible for the liabilities of the
Company.
Hu Changqing, head of the Company, Dong Lianming, head in charge of accounting and Zhang Bo, head of the accounting
department (Accounting Officer), declare that they warrant the truthfulness, accuracy and completeness of the financial report in the
interim report.
All Directors have attended the board meeting to review this report. This interim report has been reviewed by the audit committee of
the Company.
The Company is exposed to various risk factors such as macro-economic fluctuation, adjustment of state policy and competition in
the industry. Investor should be aware of investment risks. For further details, please refer to the risk exposures of the Company and
the measures to be taken to address them as set out in Management Discussion and Analysis.
The Company does not propose distribution of cash dividends or bonus shares, and there will be no increase of share capital from
reserves.
SHANDONG CHENMING PAPER HOLDINGS LIMITED 1
Table of Contents
I Important Notice, Table of Contents and Definitions 1
II Company Profile and Key Financial Indicators 5
III Management Discussion and Analysis 8
IV Corporate Governance, Environment and Society 32
V Material Matters 41
VI Changes in Share Capital and Shareholders 63
VII Bonds 71
VIII Financial Report 72
2 SHANDONG CHENMING PAPER HOLDINGS LIMITED
Documents Available for Inspection
(I) The financial statements signed and sealed by the head of the Company, the head in charge of accounting and the head of
the accounting department;
(II) the interim report signed by the legal representative;
(III) the original copies of all of the documents and announcements of the Company disclosed on the designated website as
approved by the China Securities Regulatory Commission during the reporting period;
(IV) the interim report disclosed on The Stock Exchange of Hong Kong Limited; and
(V) other relevant information.
SHANDONG CHENMING PAPER HOLDINGS LIMITED 3
Item Definition
Company, Group, Chenming Group, means Shandong Chenming Paper Holdings Limited and its subsidiaries
Chenming Paper or Chenming
Paper Company
Parent Company or Shouguang means Shandong Chenming Paper Holdings Limited
Headquarters
Chenming Holdings means Chenming Holdings Company Limited
Shenzhen Stock Exchange means Shenzhen Stock Exchange
Hong Kong Stock Exchange means The Stock Exchange of Hong Kong Limited
CSRC means China Securities Regulatory Commission
Shandong CSRC means Shandong branch of China Securities Regulatory Commission
Zhanjiang Chenming means Zhanjiang Chenming Pulp & Paper Co., Ltd.
Jiangxi Chenming means Jiangxi Chenming Paper Co., Ltd.
Huanggang Chenming means Huanggang Chenming Pulp & Paper Co., Ltd.
Chenming (HK) means Chenming (HK) Limited
Jilin Chenming means Jilin Chenming Paper Co., Ltd.
Shouguang Meilun means Shouguang Meilun Paper Co., Ltd.
Jiangxi Port means Jiangxi Chenming Port Co., Ltd.
Chenming Leasing means Shandong Chenming Financial Leasing Co., Ltd. and its subsidiaries
reporting period means the period from 1 January 2025 to 30 June 2025
the beginning of the year means 1 January 2025
or the period
the end of the interim period means 30 June 2025
or th